Why You Should Always Check Your Bank Feeds (Even If They’re Automated)

Cloud accounting has made managing finances easier than ever. With bank feeds pulling transactions directly into your software, the days of manual data entry are (mostly) behind us. But here’s the catch: even the smartest systems aren’t perfect.

Whether you use Xero, QuickBooks, or another platform, it’s essential to regularly check your bank feeds for missing or duplicated transactions. Inaccurate data can lead to poor decisions, messy accounts, or even unexpected tax bills.

Why This Matters

Your accounts are only as good as the data behind them. If your bank feed is missing transactions – or pulling in duplicates – you’re not seeing the full picture. That can affect everything from your cash flow reports to your tax return.

It also creates extra work (and cost) for your accountant if they have to fix avoidable issues later. Spotting and resolving problems early saves time, money, and stress.

What You Can Do: Stay in Control of Your Bank Data

1. Set Up Bank Feeds (If You Haven’t Already)

Bank feeds are a huge time-saver. Once connected, your transactions automatically flow into your accounting software – no downloads or imports needed.

But don’t assume “automated” means “done.”

2. Check Your Bank Feed Matches Your Actual Bank Balance

Every week (or at least monthly), take a moment to compare the balance in your accounting software with your actual bank account. If the numbers don’t match, something’s wrong.

Common issues include:

• A disconnected bank feed

• Missing transactions

• Duplicated entries

• Delayed bank syncs

• All of the above

3. Understand the 90-Day Open Banking Rule

One of the most common reasons bank feeds break is the Open Banking 90-day cycle. Most UK banks require you to reauthorise your bank feed every 90 days for security reasons. If you forget, your feed can silently stop working – meaning no new transactions will import.

Set a reminder to check reauthorisation dates, or look out for alerts from your software. If you spot a gap, reauthorise your feed and send over a bank statement so your accountant can fill in any missing data.

4. Look for Gaps or Overlaps in Your Transactions

Scroll through recent entries and check for any gaps in dates, missing payments, or strange duplicates. It doesn’t take long and it could prevent hours of cleanup later.

5. Can’t Check It Yourself? Share Your Bank Statements

If you don’t have time (or aren’t sure what to look for), send your bank statements to your accountant. At Love Accountancy, we’ll review them against your software to make sure everything’s aligned.

This isn’t about catching you out – it’s about making sure your finances are accurate and ready to support your business decisions.

Expert Tips & Common Pitfalls

• Don’t assume it’s working: Even long-running bank feeds can break without warning – especially when the 90-day authorisation expires.

• Check multiple accounts: If you have several bank or credit card accounts, review them all – not just the main one.

• Reconciling doesn’t always mean accurate: You can reconcile a transaction that’s actually a duplicate. Balance checks help spot these issues.

• Still unsure? Ask for help: We’d always rather you send over a statement than struggle in silence.

Need Help Checking Your Bank Feeds?

At Love Accountancy, we help businesses make cloud accounting work for them – not the other way around. If you’re not sure whether your data is accurate, or just want peace of mind, we’re here to help.

Let’s keep your accounts clean and stress-free.

Send us your latest statements or book a quick check-in today.

About Love Accountancy

At Love Accountancy, we believe accounting should be effortless and accurate. That’s why we combine smart technology like Xero with personalised, proactive support. Whether you’re looking to automate your bookkeeping or just need help keeping things tidy, we’ll help you stay on track, without the stress.

Looking for a trusted Exeter accountant or online UK accounting support? We’re here to help you get it right the first time.

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